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needed the u.s. government and we were in a position to tell the banks, let's go back to the social function, very important social functions. the banks have to provide in our society. and we lost that moment. >> rose: and the condition of the banks today is, of the big banks in wall street. >> well, to be frank, we really aren't sure because there's not the kind of transparency that we need. like one of my criticisms of dodd frank, we kept a lot of, for instance, these derif deriff-- derivative transparents. >> they made them a lit bit more. >> but as long as you have so much money at stake where you don't know what is at risk, you know, let me just give you one example. there are about 3 to 350 trillion dollars of derivatives that are based on libor. libor we now know is a-- number. >> explain what that is. >> the london interbank lending rate. so it's the rate, supposed to be an arm's length rate at which unone bank lends to each other. but the banks aren't lend fog each other s so what does it mean? it's a concept-- what rate do we think some other bank would lend to us. and we
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